Never thought I'd be back in but bought some PXU. This really is...

Never thought I'd be back in but bought some PXU. This really is looking to be a very interesting situation.

If they can make this clean break from Europe, and my info is that the vast majority of the Canadian $$ are in the parent/Aust company accounts, this is extremely cheap. Net cash may exceed current market value and you get the rest of the business thrown in for nothing.

It was difficult to decide whether to go shares or hybrids. Decided on buying hybrids because they need to solve this structure. Now they'll have some cash - so maybe a cash/share offer. And it will have to be a reasonable offer. Not like the ridiculous previous offer.

Potential unknown of the amount of dilution of the ords is the other reason.

Hopefully management will not blow from here. We'll be watching their every move closely.

PXU only.